Flagship REIT Expands in Cincinnati with $6M Manufactured Housing Deal
Flagship Communities Real Estate Investment Trust has purchased a 96-lot manufactured housing community in Cleves, Ohio. The deal, valued at around $6.0 million, marks another expansion in the Cincinnati region. The property was sold by Empower Park, LLC and is currently 96% occupied.
The newly acquired site sits near Interstate 275 in southwestern Ohio, offering easy access to Cincinnati. Residents benefit from nearby recreational parks, golf courses, and wooded walking trails. Since 2022, Empower has upgraded the community's infrastructure and added new amenities.
The purchase price reflects a 5% discount compared to the property's appraised value. Funding came from a mix of available cash and Class B units issued by Flagship Operating, LLC, a subsidiary of the REIT. The site also has room for expansion, with space for an additional 12 lots in the future.
This acquisition follows three other manufactured home communities bought by Flagship in the Cincinnati area since 2022. The latest addition strengthens the company's presence in the region while offering potential for increased occupancy and growth.
The deal adds another well-located property to Flagship's portfolio. With high occupancy and expansion possibilities, the site aligns with the REIT's strategy in the Cincinnati market. The transaction also builds on recent upgrades made by the previous owner.
